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2020 (2) TMI 651

..... The ld CIT(A) also noted that her return of income was only ₹ 251500/- and therefore, after meeting the household expenses, she could not have saved above sum available with her. Thus, the creditworthiness of the above loan was not proved. Similarly, the facts shows that loan from Mr. Neeraj Handa was also having the identical facts, in view of this the ld CIT(A) confirmed the above additions. On carefully perusal of the orders of the lower authorities, it is apparent that assessee has failed to prove the creditworthiness of the above loans. Assessee has failed to show creditworthiness of both the lenders. Hence, we do not find any infirmity in the orders of the lower authorities in sustaining the above addition u/s 68 - Decided in fa .....

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..... and creditworthiness of both the depositors has been proved by the appellant and both the deposits are routed through banking channel and depositors have sufficient cash in hand as source of deposits in Bank before giving loan to Appellant. 5. That the ld CIT(A) is absolutely wrong in not considering the evidences in support and confirmation of depositors and also wrong in brushed aside all the evidences submitted before him during the course of assessment, proceeding merely on suspicion, conjecture and surmise. 6. That the assessment is erroneous, contrary to the facts and law of the case, therefore, additions made by the ld AO and sustaining by the Ld CIT(A) must be deleted and merit to be modified. 3. The facts shows that the assessee is .....

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..... ecided on the merits of the case. 6. The ld DR relied upon the order of the lower authorities. 7. We have carefully considered the contentions of the ld DR and the facts emerging out of the orders. This is apparent that assessee has taken unsecured loan of ₹ 128500/- and ₹ 88000/- from Smt Neha Handa and Neeraj Handa. The cash was deposited in the bank account of those persons before issue of cheque in favour of the assessee. The assessee submitted that the above sum was out of their past savings and current income. The assessee has also furnished their statement of affairs as on 31.03.2014. The ld CIT(A) noted that in the case of Neha Handa, cash of ₹ 40,000/- and ₹ 48500/- has been deposited on 17.04.2014 and 26.05 .....

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